Bitmine has quietly bulked up its Ethereum stash again, buying roughly $70 million worth of ETH and pushing its treasury to nearly 5% of the circulating supply.
Blockchain sleuths at Lookonchain reported the purchase of 40,000 ETH (about $71.6 million) on Tuesday, executed through two wallet addresses that Arkham Intelligence has linked to hot wallets run by FalconX and Kraken. The transaction was also flagged on social media by Tom Lee, Bitmine’s chairman. The company itself has not issued a specific confirmation of this trade, though it continues to publish weekly updates on its ETH accumulation.
This latest move follows Bitmine’s disclosure on Monday that it bought 42,197 ETH between June 29 and July 3, bringing its total holdings to about 5,742,237 ETH. At that level the firm controls roughly 4.8% of Ethereum’s circulating supply — very near management’s stated target of 5%.
A snapshot of Bitmine’s balance sheet: as of June 28 the company reported crypto assets and cash totaling $11.1 billion. About 4,879,157 ETH — roughly 85% of its ETH reserve — has been delegated for staking through MAVAN, Bitmine’s Made in America Validator Network. Earlier company estimates suggested those staked tokens could produce about $235 million in annual staking rewards, highlighting the firm’s strategy to generate recurring on-chain income while continuing to expand its treasury.
Market context: Ethereum was trading near $1,752 at the time of the report, far below its $4,950 all-time high from last August. Bitmine chairman Tom Lee reiterated a bullish long-term view for ETH, pointing to growing real-world use cases — for example, a Layer 2 network handling USDC payments for Shopify and Visa — and to regulatory signals such as a rising Polymarket probability that the Clarity Act will pass this year, which he said could further support the ecosystem.
Despite the on-chain buying news, Bitmine’s stock slid 4.8% on Tuesday to close at $14.80. The dip came shortly after the company was added to the Russell 1000 Index on June 26, a milestone Lee said could help attract more institutional investors. Bitmine is set to report Q2 (April–June 2026) results on July 29; Wall Street estimates cited earlier by the company put expected quarterly revenue at about $45 million.
(This article was updated to include a chart showing Bitmine’s share price performance over the past day.)
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